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26 U.S.C. · Internal Revenue Code
26 U.S.C. § 1054

Certain stock of Federal National Mortgage Association

Ch. 1 — NORMAL TAXES AND SURTAXES
Title 26 U.S.C. ● ACTIVE Primary Source Ch. 1
Statutory Text

26 U.S.C. § 1054 — Certain stock of Federal National Mortgage Association

U.S.C. Title 26 - INTERNAL REVENUE CODE 26 U.S.C. United States Code, 2023 Edition Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter O - Gain or Loss on Disposition of Property PART IV - SPECIAL RULES Sec. 1054 - Certain stock of Federal National Mortgage Association From the U.S. Government Publishing Office, www.gpo.gov

§1054. Certain stock of Federal National Mortgage Association

In the case of a share of stock issued pursuant to section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., sec. 1718), the basis of such share in the hands of the initial holder shall be an amount equal to the capital contributions evidenced by such share reduced by the amount (if any) required by section 162(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business.

(Added Pub. L. 86–779, §8(b), Sept. 14, 1960, 74 Stat. 1003.)

Editorial Notes

Prior Provisions A prior section 1054 was renumbered section 1062 of this title.

Statutory Notes and Related Subsidiaries

Effective Date Section applicable with respect to taxable years beginning after Dec. 31, 1959, see section 8(d) of Pub. L. 86–779, set out as an Effective Date of 1960 Amendment note under section 162 of this title.

Source: uscode.house.gov — public domain Official Source ↗
Root-LD Entity Data
◈ Machine-Readable Provenance Record Root-LD v1.0 · boisestandard.org
Federation ID
BS-USC26-SEC-67CC16
Entity Class
STATUTE / FEDERAL-CODE-SECTION
Domain Signature
boisestandard.org
Citation
26 U.S.C. § 1054
Jurisdiction
Federal — United States
Status
✓ ACTIVE
Source
PRIMARY-SOURCE
Source Verified
✓ TRUE
Content Hash
b3bda36a2a3630b2...
Semantic Edges
Pending — corpus passes queued
The statutory text of 26 U.S.C. § 1054 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 1 — NORMAL TAXES AND SURTAXES
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